S&P 500 Inflation Mentions Hit 820, Highest Since February 2024

Inflation-related terms appeared 820 times across S&P 500 company earnings calls in October, the highest monthly tally since February 2024. Companies raised concerns about increasing costs and weaker consumer confidence.

Higher oil prices pushed up expenses for fuel, fertilizer and plastic resin, adding to airline operating costs and product-packaging expenses. General Motors expects higher commodity and logistics prices, along with memory-chip price increases, to have an adverse impact of about $2 billion in 2026.

Wells Fargo CEO Charles Scharf said inflation and high interest rates remain headwinds. He said prolonged pressure could weigh more heavily on consumers and business customers.

As of Nov. 8, November inflation mentions on earnings calls had already exceeded the full-month total for November 2025.